Intercontinental Exchange will be discussing with other financial institutions on working to make ICE-backed bitcoin swap contracts available to the banking institutions.

As the regulatory bodies have started intervening and are currently working on bringing some sort of stability in the extremely volatile cryptocurrency market, more financial institutions from the Wall Street have started showing significant interest in the digital currency space. The latest report from Thomson Reuters shows that by the end of this year, nearly one out of the five financial institutions are ready to enter the crypto market to trade digital currencies.

According to the latest report from the New York Times, Intercontinental Exchange Inc., the owner of New York Stock Exchange, is currently mulling options to introducing a trading platform that would allow investors to buy and hold Bitcoin, said the sources familiar with the matter.

The report further goes to say that currently, the details of the trading platform have been kept confidential and absolutely under wraps, as the ICE spokesperson refused to comment anything about the launch of the trading platform. But the report further goes to say that with the growing concerns of the Bitcoin’s negative reputation in traditional finance, it is quite possible that the launch of the trading platform could be stalled for the moment.

Moreover, the Intercontinental Exchange will be discussing with other financial institutions on working to make ICE-backed bitcoin swap contracts available to the banking institutions, but still, nothing remains sure at the moment.

Well, the latest report about the ICE’s plans to enter the crypto space comes just after a week of Goldman Sachs announcing to enter in the crypto space and launching a Bitcoin trading platform. A team headed by Goldman executive Rana Yared is currently working on the regulatory considerations and approval, as well estimating all the additional risks that come while dealing with cryptocurrencies.

Yaren said:

“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.”

One of the major reasons for Goldman Sachs to consider launching a crypto trading platform is due to the growing requests from its potential clients like endowments, hedge funds, and other institutional investors. Yaren said:

“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value.’”

Two weeks back in an interview to the CNBC, Nasdaq CEO Adena Friedman expressed similar interest for launching a cryptocurrency trading platform, provided, that the regulatory air gets clear and that more stability is introduced in the crypto sphere.

Friedmans said:

“Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors. Over time, if it ultimately does morph into a regulated environment, it does give us an opportunity to participate as a marketplace, but I think that is a long road and it doesn’t have a certain path right now,”

Friedman also said that digital currencies are to stay and it’s just a matter of time for the crypto environment to ripe and mature.

“I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”

As big financial institutions continue with their effort to join the crypto market, it is certainly going to pull big players in the market over the period of time, which shows that digital currencies could have a bright future going ahead.

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam. Views expressed in the comments do not represent those of Coinspeaker Ltd.